2024-05-10
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The Economist.
That's the day, the ninth day of August.
In the year 1965, Singapore shall forever be a sovereign democratic independent nation.
59 years ago, Lee Kuan Yew signed Singapore's Declaration of Independence from Malaysia,
beginning one of the greatest economic turnaround stories in modern history.
He signed Lee Kuan Yew.
Prime Minister of Singapore, and the edited 9th of August 1965.
Over the next 35 years,
Lee transformed Singapore from a relatively poor country into one of the richest.
He did that by opening Singapore to international trade and investment,
encouraging high-skilled immigration, and building a world-leading, business-friendly bureaucracy.
The country is also home to the world's second busiest port after Shanghai and,
for my money, the world's best airport.
And all of that has helped GDP per capita grow at an average rate of 5% a year since 1965.
That's adjusted for inflation.
In the rest of the industrialized world, that figure is about 2%.